XRP Price Marks $2.13 And $2.92 As Primary Fibonacci Levels, What Happens When Wave 2 Begins?
Technical analysis of XRP price shows a correction wave in view of the recent correction since December 3rd. In particular, the cryptocurrency is currently in Key Fibonacci levels This may take longer to correct. With the help of these Fibonacci levels, cryptocurrency analyst Dark Defender shared insights on social media platform X, highlighting the $2.13 and $2.92 price ranges as key for XRP price.
XRP Tests Fibonacci Levels Amid Market Correction
According to the XRP chart below, Highlighted first is On cryptocurrency analyst Dark Defender’s social media platform Consistent level. However, this impressive high was short-lived as the coin faced a pullback that took its price down to the $2.17 support. Notably, this support is also just above the 161.80% Fibonacci extension level at $2.13, which is a key point for XRP price going forward.
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With this in mind, Dark Defender points out that both $2.92 and $2.17 are the most noteworthy price levels right now. The rebound from $2.17 suggests Correction may have bottomedhis analysis points to a transition to Wave B on the daily time frame.
What happens during B wave
Speaking of B-waves, the analysis is based on the three-modified wave model. This pattern consists of three distinct phases: Wave A, Wave B, and Wave C, which play out repeatedly during XRP price increases. In this structure, waves A and C represent a downtrend, while wave B represents an uptrend. If this corrective model repeats itself, XRP price may Experience climbs to $2.92, Corresponding to the 261.80% Fibonacci extension level, another downtrend could then cause it to retest the support at $2.13, which is the 161.80% Fibonacci extension level.
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As Blackguard points out, it could take days to break free of the structure. This means that XRP price will likely continue to trade between these levels before any decisive rise or fall occurs.
Recent market factors It is recommended to break through upwardwhich would bring XRP prices back to new multi-year highs. At the time of writing, XRP price is trading at $2.37, up 2.9% in the past 24 hours.
One factor contributing to this optimism is that Paul Atkins Nominated The SEC is led by President-elect Donald Trump. Atkins is widely considered crypto-friendly, and his potential leadership could mark the end of the SEC’s long-running legal dispute with Ripple. Such a resolution could attract large amounts of institutional and retail funds into the XRP ecosystem.
Featured image created using Dall.E, chart from Tradingview.com
